One year later, in April 2010, Alesina presented a simplified version of this paper at the ECOFIN meeting in Madrid. He began by noting that, unlike previous high-debt occasions, such as the aftermath of World War II, growth is not going to make the Eurozone's pile of debt disappear. Rather, there is no alternative (TINA) to fiscal adjustment.

Mark Blyth, Austerity, loc. 475